A framework for designing an internal control system is provided by the:

Question

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The Committee of Sponsoring Organizations (COSO) is well-known for its framework for designing, implementing, and evaluating internal control systems. The COSO framework consists of five interrelated components: control environment, risk assessment, control activities, information and communication, and monitoring activities. Therefore, option A is the best choice among the four given options for the framework for designing an internal control system. The Financial Accounting Standards Board (FASB) deals with accounting standards, the Securities and Exchange Commission (SEC) regulates the securities industry, and the International Accounting Standards Board (IASB) sets international accounting standards.

A Framework for Designing an Internal Control System Is Provided